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Sanctuary Wealth to Take Full Ownership of Northview Asset Mgmt

By Alex Padalka May 14, 2020

Sanctuary Wealth says it’s taking full ownership of a Texas-based RIA in which it acquired a minority stake last year. The company says it is also forming a new team from the incoming professionals to help its partner firms grow.

Sanctuary took a minority stake in Northview Asset Management in October, marking its first acquisition.

"When we took a minority stake in Northview Asset Management last fall, we realized that the firm already had many of the technology resources we were looking to build,” Jim Dickson, Sanctuary’s CEO and founder, says in the press release. “On top of that, Northview’s president Richard Williams had the experience and skill to head up our new offering. It looked like a perfect match, so we made an offer to acquire the entire organization."

The companies didn’t disclose the financial terms of the deal nor its scheduled completion date.

Northview’s team also includes Lynn Skarren, Steven Sutton, Michael Janak and Phil Scrofani, who oversee more than $350 million for high-net-worth and institutional clients, Sanctuary says. Upon completion of the acquisition, Northview will be rebranded as Sanctuary Advisor Solutions Group, with its team continuing to serve existing clients as well as assisting other Sanctuary partner firms with growth, according to the press release.

The Advisor Solutions Group will offer advisors joining Sanctuary resources and tools in investments, research, lending, investment banking, analytics, tax and insurance services, as well as family office offerings, Sanctuary says.

Sanctuary’s network currently includes 33 partner firms covering 12 states and representing more than $9 billion in assets under advisement, according to the press release.

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Tags:  Client retention , Technology , Staffing and recruiting , Estate planning

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